Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Chipotle, (the “Property”) in Kennesaw, Georgia, a city located just 23 miles northwest of Atlanta. Chipotle is currently undergoing construction with an estimated store opening of July 30, 2024. Chipotle will operate on a new 15-year, corporately guaranteed, triple net (NNN) lease inclusive of 10% rental increases every 5 years. The triple-net (NNN) lease structure allows for a hands-free, passive form of ownership. Chipotle will benefit from excellent visibility along Jiles Road, a thoroughfare boasting 27,400 VPD and will be located less than one mile from Exit 273 of Interstate 75, a major north-south highway in the United States that boasts 137,000 VPD. Additionally, the brand-new Chipotle will feature a drive-thru “Chipotlane”.

The property is located just northwest of Atlanta and part of the 6th largest metro area in the country. The Atlanta MSA is home to over 6.2 million people (Census Reporter) and recently surpassed both Philadelphia and Washington D.C., according to the new U.S. Census Bureau estimates. Chipotle is located less than two miles from Kennesaw State University, a university with total enrollment over 45,000 (Fall 2023). The 5-mile area surrounding the property boasts excellent demographics with a population of over 188,000 people, over 70,000 households, and an average household income within that same area is over $111,000. Additionally, the population and number of households within a 1-mile radius of the property are both projected for substantial growth of 11.31% and 10.54% respectively, through 2028. Multiple multifamily development projects, including East Park Village, are under construction and contribute to the surrounding population growth. Located less than one mile south of Chipotle, along Cherokee Street NW (35,200 VPD), East Park Village will total about 900 units and include condos, townhomes and senior living.

Chipotle is a leading American restaurant chain with over 3,400 locations. In Q4 2023, Chipotle’s total company revenue increased 15.4% to $2.5 billion and increased 14.3% to $9.9 billion for the full year ending December 31, 2023. Net income for the fourth quarter was $282.1 million compared to $223.7 million in the fourth quarter of 2022.